Many first time home buyers have taken or are taking the plunge and securing their first home with the help of the 2009 Federal Tax Credit. The tax credit is in many ways free money, as it is refundable even if you have paid in less tax than the credit amount up to $8000. Thus if you have paid in less than your credit you will receive a full refund of taxes paid plus a check for the difference.
The tax credit is applicable to those who have not owned a personal residence in the last 3 years but there is a catch, your new home purchase must close on or before December 1, 2009. …Tick Tock
Many local home shoppers, eligible for the tax credit, have decided to build a new home and their homes are nearing completion, but with only a few months of eligibility left most local builders are unable to commit to a qualifying closing date. …Tick Tock
There are a few spec homes and some under construction homes that could be completed prior to the tax credit deadline but the remaining work must be considered carefully and more so as time moves on. …Tick Tock
Don’t be fooled that there is plenty of inventory in your price range and you can wait until the last minute. We are seeing multiple offer situations especially in price ranges under $200K. Sure a lot of these homes look great on the web but they may not be for you and your family. You must get out there and kick some tires as it is common place to take a month or two to find ‘Your Home’. …Tick Tock
Of course no one should base a decision to become a home owner solely because of the availability of free money. However if your circumstances have lead you to explore this housing option, then the first question is, Do you qualify for a mortgage? …Tick Tock
Evaluating your pre-approval for a mortgage is a relatively painless procedure and can be accomplished in a very short period of time. Creating a short list of homes to drive-by and view can be done completely online but may take a day or two. Setting up automated email notifications for new listings meeting your criteria would also be advisable. Taking in a few home showings working down your short list is also relatively painless (except in the heat …lol) but it can take some time to view all your homes.
We handle all of these activities almost every day and if you need any assistance, no matter where you are in your process please just drop us an email or give us a call 256-425-1659 …Tick Tock
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